Commencing on Tuesday, August 1, 2023, the Indonesian government has taken a significant step by officially mandating exporters of natural resources to keep their export proceeds (DHE) within the country’s financial system. The move comes as part of a broader effort to bolster economic stability and promote financial resilience amidst global economic uncertainties.
In a detailed explanation of the implementation process, Susiwijono Moegiarso, the Secretary of the Coordinating Ministry for Economic Affairs, provided a comprehensive simulation of the DHE for natural resource exports, meticulously delineating the requirements and obligations that exporters must abide by. This development is governed by the newly introduced Government Regulation (PP) No. 36/2023.
According to the stipulations outlined in Article 7 of the policy, all export transactions and corresponding DHE for natural resource exports shall be directed to special accounts, effective as of August 1, 2023. Exporters are granted a three-month window, commencing from the issuance of the Export Customs Notice (PPE), to promptly place their DHE in the designated accounts.
To ensure compliance and responsible financial practices, exporters are now obligated to maintain their DHE in these accounts for a minimum period of three months. The requirement mandates that the amount parked should account for at least 30 percent of the total value of the respective export transactions.
As Secretary Susiwijono elucidated during the Socialization of PP No. 36/2023 on Tuesday, August 1, 2023, this policy encompasses a wide range of natural resources, and its intended effect extends to commodities with export values of at least US$250,000 or its equivalent in other currencies as per the Export Customs Notice.
Nevertheless, the Indonesian government understands the complexities of international trade and the potential challenges faced by exporters, especially in the current global economic landscape. In light of this, the Directorate General of Customs and Excise (DJBC) under the Ministry of Finance will undertake careful monitoring, collaborating with esteemed institutions such as Bank Indonesia and the Financial Services Authority (OJK), to ensure that exporters fulfill their obligations diligently.
To further underscore the significance of this policy shift, Secretary Susiwijono emphasized that adherence to the DHE requirement is pivotal in fortifying Indonesia’s economic resilience. By retaining export proceeds within the country, it enables a more stable and predictable financial environment, safeguarding against external economic fluctuations and bolstering the nation’s monetary stability.
As the government diligently enforces this new policy, the hope is to stimulate greater confidence and trust in the domestic financial system, facilitating more comprehensive economic growth and development across various sectors. This landmark move is a testament to Indonesia’s commitment to maintaining a robust and sustainable economic landscape, enabling the nation to navigate economic challenges effectively and promote equitable prosperity for its citizens.